Reform Negative Gearing Now!
Are you locked out of the housing market?
Do you want to see an end to market distorting subsidies to property investors?
This petition calls for the Federal Government to reform negative gearing NOW! Negative Gearing must be limited to new housing only and in time should be removed entirely. It is time future generations had the same opportunities as others. This reform process must be the START of winding back the incredible advantages property investors have over someone trying to buy a home.
Property investors are playing with the lives of millions of people who simply want a home.
Look at these facts:
Income earners in the top 20% now own 73% of the value of all investment property (ABS 6523)
– 80% of Negative Gearing benefits those in the top 20% of occupations. (Grattan Institute)
– Australia’s land values increased $525 billion last financial year (ABS 5204.61) but governments struggle to find some $40+ billion per annum to fund schools and hospitals.
– Negative Gearing reform will not increase rents. (Saul Eslake) Linking it to new housing supply will increase supply, pushing rents down.
– 93% of Negative Gearing goes to benefit people over 30 i.e. older, wealthier property investors. (NATSEM)
– 94% of negative gearing investors buy existing housing instead of new construction, adding very little to supply. (RBA)
– Negative Gearing is a tax expenditure which costs the public some $12 billion per annum. No wonder the pressure is on to increase taxes!
This reform will save buyers decades in interest repayments. It is worth understanding and acting upon!
ACT now by signing, sharing and talking about this inequity.